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Lloyds unveils new PPI scheme
12 December 2008 17:17
The high street lender Lloyds has unveiled changes to its payment protection insurance (PPI) policies.
On the back of a worsening financial climate and a reported 100 per cent increase in unemployment claims, the bank has opted to re-launch its PPI scheme.
Fundamentally, the changes include added flexibility, which allow customers to pay for the policy on a monthly basis, rather than in one lump sum.
Managing director of Lloyds TSB Consumer Banking, Ian Larkin stated that the recent rise in the volume of claims the company had seen indicated that PPI was a quality product which offered both reassurance and protection.
He added the bank was committed to doing everything it could to support its customers during the economic crisis, which included spreading the cost of PPI to make it available to more people.
Earlier this week, the FSA.gov.uk">Financial Services Authority fined Egg £721,000 for miss-selling its PFI products for a period of almost three years.
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